AEW Capital has sold a North Sydney office after five years and a renovation.
The 14 storey, 6964 square metre building at 54 Miller Street is believed to be trading for over $70 million.
It paid $59.4m.
The revamp is speculated to have cost another $19.5m
About 80 per cent of the space is occupied.
There are also 66 car parks.
The site spreads 1012 sqm.
The deal comes 18 months since Boston based AEW sold a Pyrmont office for $185m, reflecting a 4.25pc return, to Elanor Investors Group.
AEW paid UBS Asset Management $143m – a 4.87pc return – for that property, 145 Harris St, in 2018.
Another suburban office deal
Also today we are reporting Cromwell sold a Penrith commercial investment to Sandran for a speculated $48m.
In North Sydney meanwhile, cyber security group Fortinet has purchased an office to occupy, outlaying c$60m.
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